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The Swiss Stock Market Finished Higher After Late Recovery

The Swiss stock market got off to a weak start Wednesday, following the announcement that White House chief economic advisor Gary Cohn has resigned. The resignation by Cohn, a free trade advocate, comes after President Donald Trump announced plans to impose tariffs on steel and aluminum imports.

However the market began to recover around midday, following the release of the better than expected U.S. private sector employment report. The quick recovery on Wall Street helped to fuel gains in Europe in the afternoon.

The Swiss Market Index increased by 0.22 percent Wednesday and finished at 8,784.84. The Swiss Leader Index climbed 0.20 percent and the Swiss Performance Index added 0.14 percent.

Sonova advanced 1.3 percent, while SGS and Vifor gained 1.1 percent each. Sika also finished higher by 1.1 percent. Although the dispute between the company's founding family and the Board of Directors continues, the family has approved the Board's proposed dividend increase.

Among the index heavyweights, Novartis increased 0.7 percent and Roche added 0.6 percent. Meanwhile, Nestlé finished lower by 0.6 percent.

Kuehne + Nagel weakened by 1.0 percent after the weak numbers reported by its Swiss competitor Panalpina. Panalpina sank 7.4 percent.

by RTTNews Staff Writer

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